Logistics SaaS Startup Mojro Raises $3M
SaaS startup Mojro has raised $3 million to expand its AI-powered logistics platform. The company provides software to help businesses optimize their supply chain and delivery operations. The funding highlights continued investor interest in AI applications for the logistics sector.
- The $3 million funding is a Series A round led by IAN Alpha Fund, with participation from existing investor 1Crowd. - This new capital is earmarked for international expansion into the United States and Southeast Asia, as well as for hiring in product, engineering, and sales. - Mojro was founded in Bengaluru, India, in 2016 by Kishan Ashwath (CEO), Amit Kulkarni (CTO), and Ranganath Seetharamu (COO). - The company already generates over 60% of its revenue from international markets, including the US, Malaysia, Singapore, and the Philippines. - The global market for AI in logistics was valued at over $11 billion in 2023 and is projected to grow at a compound annual growth rate of over 25%. - Mojro operates in a competitive landscape with heavily funded rivals like FourKites, which has raised over $225 million, and Project44, with more than $912 million in funding. - The funding comes during a significant downturn in venture capital for logistics technology, which saw investments fall by approximately 90% from their 2021 peak. - The company's platform utilizes machine learning and operations research to help clients in sectors like e-commerce, retail, and consumer goods save up to 20% in logistics costs.
